Natural Gas Futures: No signs of exhaustion in the rally

Preliminary readings from CME Group for natural gas futures markets noted open interest rose for the second session in a row on Wednesday, this time by around 11.6K contracts. On the other hand, volume shrank by around 92.3K contracts following two daily builds in a row.

Natural Gas now targets the August 2008 high at $9.60

The rally in prices of natural gas remained unabated for yet another session on Wednesday, this time briefly testing the area above the $8.00 mark per MMBtu, although closing below it. The advance was accompanied by rising open interest and allows for the continuation of the uptrend to, initially, the August 2008 peak at $9.60.